FYI Miami: March 30, 2023
Bellow are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
WAGES ROSE FAST: Average weekly wages in Miami-Dade County rose 8.8% in the third quarter of 2022 from the third quarter of 2021, the US Bureau of Labor Statistics reported last week. The county’s increase in wages was more than 10% throughout the 12-month period, the bureau reported, highest in the state among large counties. Average weekly wages in Miami-Dade in that quarter were higher than the US average, $1,363 here vs. $1,334 for the nation as a whole. Miami-Dade was the only large county in Florida above the US average. Broward’s average wage was $1,290, Palm Beach’s was $1,322, and for the state as a whole it was $1,220.
CITIZENS SEEKS RATE HIKES: The Citizens Property Insurance Corp. Board of Governors this week was to consider a plan that would lead to double-digit rate increases for homeowners across the state. The plan would lead to a 12% increase, effective Nov. 1, for people whose homes are their primary residences and who have what are known as “multi-peril” policies – the most common coverage. The increase would go to 13% for such customers effective Jan. 1. Those increases are the maximum allowed by a state law that caps annual hikes in Citizens’ rates. During a December special legislative session, however, the Legislature approved allowing the state-backed Citizens to increase rates by as much as 50% for homes that are not primary residences.
HOTEL DEMAND RISES: Hotel demand countywide in the week ending March 18 surpassed 410,886 room nights sold, up 3.5% from last year, according to STR. That was an 88% average occupancy of the 66,000 rooms available countywide, Coconut Grove had the greatest growth, 29.4% over last year, followed by downtown Miami, at 13.5% over last year. Miami Beach saw the greatest demand for hotel rooms that week at 134,151 rooms sold, followed by the Miami Airport area with 68,906 and downtown with 63,297 rooms sold, according to STR.
COMMUNAL, SCOOTER VOTES SCOOT: Miami city commissioners last week deferred a proposal that would allow for communal living developments to rise in Miami’s bustling central business district, health district and Wynwood. Commissioners continued the item to April 13 so they can study the proposed maps and boundaries and request carveouts in areas they feel wouldn’t be suitable for co-living. The commission also indefinitely deferred legislation that would establish a permanent scooter program. The scooter program has been stalled for years and the city has not stated when it will be up and running again.
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